The Osun State government has revealed that infrastructural development is its main point of focus in the state’s 2024 budget, as the analysis of the budget has shown that Osun State has allocated fifty seven billion, two hundred and eleven million, seven hundred and fifty eight thousand, eighty naira (N57,211,758,080.00) to infrastructure development in the budget.
The budget also showed that the government set aside Twenty Seven billion, Six hundred and Seventy eight million, Three hundred and forty two thousand, eight hundred and twenty naira: N27,678,342,820.00 in the budget for debt servicing.
The budget analysis was carried out on Wednesday by the commissioner for Economic Planning, Budget and Development, Professor Moruf Ademola Adeleke, during his presentation at the press conference held in collaboration with the State Ministry of Finance to analyse the year 2024 budget.
A statement released on Thursday by the Osun State government read, “The year budget projection under the leadership of Governor Adeleke which was developed in line with sixteen sectors of the state, has the budget for Infrastructural Development as Fifty Seven billion, Two hundred and eleven million, seven hundred and fifty eight thousand, eighty naira (N57,211,758,080.00), focusing on citizens needs approved by the government
“The presentation of 2024 Budget Analysis by the Commissioner for Economic Planning, Budget and Development, Professor Moruf Ademola Adeleke at the government secretariat on Wednesday shows that the recurrent of N164,060,976,700.00, and capital expenditure of N109,848,020,710.00 totalling Two hundred and Seventy three billion, Nine hundred and eight million, nine hundred and ninety seven thousand, four hundred and ten naira (273,908,997,410.00).
“The revenue breakdown showed opening balance of 15,584,657,700.00, FAAC; 99,097,049,480.00, IGR ; 104,770,526,130.00, and capital receipt of 54,456,764,100.00, with total of 73,908,997,410.00.
“The budget also reflected that the estimate took care of the debt commitment of the previous administration in terms of debt services, as well as Pension and Gratuity.
“The statement showed that there is improvement in recurrent to capital ratio from 68:32 in 2023 to 60:40 in 2024.
“The highlighted sectoral expenditure distribution captured in year 2024 budget include the following: Governance and Administration -Sector 24,248,218,070.00; Human Capital Development Sector -39,285,883,430.00; Agriculture Sector- 3,796,823,480.00; Planning and Budget Sector – 1,470,402,100.00; Commerce and Industry Sector -2,844,477,690.00; Culture and Tourism Sector -2,988,167,750.00; Education Sector -38,914,548,090.00; Solid Minerals Resources Sector -2,566,541,560.00; Environment Sector -2,241,111,860.00; Health Sector -23,149,906,250.00; Infrastructure Sector -57,211,758,080.00; Social Development and Welfare Sector -8,833,218,200.00; Security Law and Justice Sector -6,161,839,540.00; Information and Communication Sector -1,648,987,610.00; Water and Sanitation Sector -8,114,152,400.00;and Finance & Revenue Mobilization Sector.”
The Commissioner for Economic Planning Budget and Development clarified that the Office of the Governor’s budget includes the following departments: the Office of the Deputy Governor, the Office of the Governor’s Office, the Office of the Chief of Staff, the Bureau of General Services, the Bureau of Government House and Protocol, the Bureau of Parastatals, and the Bureau of Social Services.
The Commissioner of Finance then noted that the 2023 Internally Generated Revenue exceeds that of 2022.
The Ministry of Economic Planning, Budget and Development reiterated that the budget was raised by government sectors to actualize citizens’ needs in accordance with Governor Adeleke’s Development Agenda, the State Development Plan, and the Sustainable Development Goals.
Asserting that accountability and development are his watchwords when it comes to state matters, in the public and populace’s interest, the Commissioner cited the Governor as restating his determination to see Osun State developed by prioritising the needs of the people via good administration.
Ozioma Samuel-Ugwuezi
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